Financial Reporting Standard Updates (IFRS/GAAP): Training on Key Changes

If you manage financial reporting or oversee compliance, ifrs gaap update training is critical for staying current with evolving standards. In the next few years, you will see several significant amendments to IFRS and US GAAP that demand both technical knowledge and practical readiness. By understanding these changes and planning the right training, you can help your organisation remain fully compliant and avoid surprises when new requirements take effect.

Understand IFRS amendments

Recent guidance from KPMG (KPMG) highlights upcoming changes that can reshape your reporting practices. Although no major IFRS amendments are mandatory in 2025, there are new and forthcoming standards that you should prepare for now.

IFRS 18 and its subtotals

Effective January 1, 2027, IFRS 18 focuses on presenting income and expenses within operating, investing, and financing categories. You will need to include subtotals for operating profit or loss. Even though this standard comes into force in 2027, you must present comparatives from 2026. Early training and planning can help you refine your statements and ensure clarity for stakeholders.

Amendments to IAS 21

If your organisation deals with currencies that lack exchangeability due to government controls or other factors, the upcoming amendments to IAS 21 (effective January 1, 2025) affect how you estimate spot exchange rates and disclose foreign exchange translation effects. You will need a clear process for assessing exchange restrictions and documenting the basis for any estimates.

Potential IFRS 19 adoption

IFRS 19, a voluntary standard with simplified disclosures, aims to reduce costs for entities without public accountability. If you plan to adopt IFRS 19 from January 1, 2027 onward, consider scheduling targeted training so you can decide whether the reduced disclosure requirements make sense for your entity’s consolidated financial statements.

Prepare for US GAAP changes

Many practitioners also need to keep pace with new US GAAP developments. Upcoming changes cover financial statement presentations, enhanced disclosures, and adjustments to classification rules.

2025 updates and training options

The Financial Accounting Standards Board (FASB) introduced several updates effective for reporting periods after December 15, 2025 (Ez-XBRL). You can choose to adopt these standards early, giving your team more time to adapt systems, train staff, and conduct a smooth rollout. Two standout courses that can deepen your knowledge include:

• “GAAP vs IFRS Update” by Pat Patterson (CCH CPELink), which compares major differences between US GAAP and IFRS and offers an intermediate approach to bridging those gaps.
• “2025 US GAAP Update” by GAAP Dynamics (GAAP Dynamics), a live webinar that provides 2.0 CPE credits and real-time Q&A to keep you engaged.

When budgeting for these training resources, remember that group discounts and subscription packages can make your educational initiatives more cost-effective.

Early adoption and system adjustments

By opting for early adoption, you give yourself a head start addressing the 2025 taxonomy changes and the new disclosure requirements. You might also need to upgrade your financial reporting software to handle XBRL formatting demands, so consider investing in user training on the technical aspects of tagging and data submission.

Plan your training strategy

You will benefit from a structured approach to ifrs gaap update training that sets out clear objectives, timelines, and resources. Below are five pointers to guide your planning:

1. Identify priority standards.
   Focus on the standards likely to have the biggest impact on your financial statements, such as IFRS 18 and the 2025 US GAAP changes.

2. Schedule timely workshops.
   Opt for workshops or self-study courses that fit your team’s availability. For instance, run shorter sessions every two weeks so participants can absorb updates in manageable chunks.

3. Combine theoretical and practical learning.
   Use real-life case studies or practice exercises to translate technical guidance into day-to-day application. Deloitte’s roadmap on bridging IFRS and US GAAP differences (Deloitte) can help you highlight practical scenarios.

4. Align with other compliance needs.
   Broader compliance topics, like anti-money-laundering obligations and ethical considerations, often go hand in hand with financial reporting. You can find more insights in our aml training reporting standards and ethics training firm risk resources.

5. Monitor progress and follow up.
   Stay in touch with your team to confirm they understand the changes. Follow up with quick surveys or one-on-one check-ins to address any knowledge gaps.

If you work in a high-risk compliance area, you might also find it useful to incorporate regular reference to our quarterly tax update checklist or ensure your digital reporting systems meet modern security standards, as discussed in cybersecurity training data.

By planning ahead and investing in ifrs gaap update training, you set yourself up to manage new regulations without missing a beat. With clear timelines, targeted educational resources, and a practical approach, you can keep your reporting accurate and your compliance strong.